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2 Copyright information Disclaimer Not legal or financial advice The information and materials in this resource have been provided by ASIC to assist your financial literacy training. It is not and should not be regarded as legal or financial advice. You should seek your own professional advice where appropriate. Whilst every effort is made to ensure the accuracy of the information and materials in this resource, ASIC does not warrant the accuracy, completeness and currency of all the information provided. Some material may include or summarise views, standards or recommendations of third parties. ASIC does not endorse such material and its inclusion does not indicate that ASIC recommends any course of action. Third parties ASIC provides the resources to third party organisations for their broader distribution. ASIC does not promote, endorse or otherwise conduct a business relationship or partnership with any of the third party organisations that distribute our resources. Copyright This work is based on materials that constitute copyright of the Australian Securities and Investments Commission and is licensed under a Creative Commons Attribution Non-Commercial Share Alike 2.5 Australia Licence. Under this licence, the material is available for free use and adaption so that teachers use, adapt and re-publish material from the resource without seeking the permission of ASIC. If you use materials licensed under Creative Commons, you are also required to retain any symbols and notices that are included in the materials. Where there are no notices or symbols present you must attribute the work and include a link to the Australian Securities and Investment Commission s disclaimer for the materials using the notice set out in the table below. Read more about Creative Commons (creativecommons.org.au). ASIC requests that if you re-publish this work that you notify ASIC by at: We are interested in hearing how people are using and adapting the materials. Sample notice: Based on: Australian Securities and Investments Commission Originally published by the Australian Securities and Investments Commission and freely available at: moneysmart.gov.au. This work is licensed under a Creative Commons Attribution Non-Commercial Share Alike 2.5 Australia Licence (see: creativecommons.org/licenses/by-nc-sa/2.5/au/legalcode). A Legal Notice applies to the use of these materials, see: Legal Notice: moneysmart.gov.au/copyright Trademarks and logos All intellectual property rights in trademarks and logos such as ASIC's MoneySmart Teaching logo and ASIC crest are reserved by the Australian Securities and Investments Commission. Printed April

3 Table of contents About ASIC s Be MoneySmart... 4 Overview... 4 Purpose of the workbook... 4 Audience... 4 Unit of competency supported... 4 Assessment... 5 Recognition of prior learning (RPL)... 5 Student resources required for this module... 5 Module 3: Superannuation... 6 Assessment activity 1: Saving for your retirement... 7 Assessment activity 2: Comparing funds... 8 Assessment activity 3: Checking your employer contributions Assessment activity 4: Using the MoneySmart Super co-contribution calculator Assessment activity 5a: Find lost super Assessment activity 5b: Keep track of your super Assessment activity 5c: Check your super statement Assessment activity 5d: Consolidating your super Assessment activities summary Trainer/assessor templates Competency record Assessment record sheet Supervisor/third party declaration

4 About ASIC s Be MoneySmart Overview ASIC s Be MoneySmart resource has five modules to help people develop the skills, knowledge and behaviours required to effectively manage their own personal finances. Module 1 Saving, budgeting and spending Module 2 Personal tax Module 3 Superannuation Module 4 Debt management Module 5 Insurance Each module comprises an online resource featuring the real-life stories of people who are working through the challenges of managing their finances. A Trainer/Assessor Guide and Student Workbooks support the modules. You should refer to the copies of ASIC s Be MoneySmart online modules provided by your training organisation, or alternatively they can be found on ASIC's MoneySmart website at moneysmart.gov.au/teaching. Purpose of the workbook This workbook is designed to be used in conjunction with ASIC s Be MoneySmart online modules. A teacher, trainer or workplace assessor can assess the completed activities. Audience These materials are designed for use by registered training organisations (RTOs) for vocational education and training (VET) delivery and assessment. They may be used as part of an Australian Apprenticeship, pre-apprenticeship or a pre-vocational program. However, they may also be used in workplaces, schools, adult and community learning organisations or even as an adjunct to the services provided by counselling and advisory organisations. Unit of competency supported These materials support the Be MoneySmart (FNSFLT301) unit of competency from the Financial Services Training Package (FNS). This unit describes the performance outcomes, skills and knowledge required to develop, maintain and enhance understanding of personal finance matters, including taxation, superannuation and insurance. The Be MoneySmart unit is an elective unit within the Certificate III in Financial Services Training Package and can be imported for use in other training qualifications. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication. 4

5 Assessment The assessment activities in this workbook relate to competency standards and are aligned with the Financial Services Training Package (FNS) according to information provided by the official National Register of Information on Training Packages, training.gov.au (TGA). This workbook provides activities and advice to enable the student to supply the trainer/assessor with the evidence required to demonstrate competency in Be MoneySmart (FNSFLT301), including the ability to: demonstrate knowledge of personal financial matters set personal financial goals and access opportunities for mentoring or advice on them access information to build on and maintain knowledge of factors affecting personal finances. Once the student has completed the module and this workbook, they will need to arrange to complete the oral assessment questions. Templates for the trainer/assessor and the student to sign at are the end of this workbook. Recognition of prior learning (RPL) Students can use the assessment activities in this workbook to identify their current competency and as evidence to support formal recognition of prior learning (RPL). Students might already have some or all of the skills required for this unit. If students believe they can demonstrate these skills, they should speak with their trainer/assessor about applying for skills recognition. Student resources required for this module Student Workbook Computer and link to online module ASIC s MoneySmart Employer contributions calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/employer-contributions-calculator ASIC s MoneySmart Super co-contribution calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/super-co-contribution-calculator ATO website ato.gov.au Copies of a superannuation fund policy and product disclosure statement (PDS), statement of employer super contributions 5

6 Module 3: Superannuation Time: 1 hour online and 2 hours Student Workbook Tip: Introduction to superannuation So many Australians find out too late that they need more money for the retirement lifestyle they might want. By understanding superannuation you will have greater control over your finances. Superannuation or super is a way to save for your retirement or when you are no longer working. The money comes from contributions made into your super fund by your employer and, ideally, is topped up by your own money. Start saving for your retirement early! The longer you have to save, the more chance your savings have to grow. For most people super will be taxed at a lower rate than a similar investment outside of a superannuation account. If you put your own after-tax money into super, you could receive a government co-contribution, depending on how much money you earn. If you earn up to $ you may also get a low income super contribution of up to $500 from the government. You will get this payment whether or not you add extra money to your super. You may be able to get death, disability or income protection insurance through your super at a cheaper price than if you bought it outside of super. You will need to give some thought to how you want to be living your life when you are older. Don t be caught out like John, who wished he had thought a bit more about his future when he was young! You will need to work out how much it will cost you to live that lifestyle. Then you need to work out how much you need to put into super now to have that amount later. You may want to talk to a qualified financial planner to assist you with planning for your future. 6

7 Assessment activity 1: Saving for your retirement Watch the videos at screens 2 and 3. Your retirement income may be based on different sources of income including the age pension. Saving for the level of retirement income that meets your needs and allows you to achieve your goals is something that depends on your circumstances and that you need to plan ahead for. In the box below, list some goals you might like to achieve when you retire. For example, John wants to go fishing more often when he is no longer working. Sally, on the other hand, wants to travel overseas when she retires. Therefore, Sally will need more income because it costs more money to travel than to go fishing. Notes Tip: Comparing superannuation funds Most people can choose which super fund they d like their super contributions paid into. If you want to choose your super fund, tell your employer by filling in a standard choice form from the ATO or from your employer. In some cases your employer will decide which fund your super is paid into. If you don t (or can t) choose your super fund, your employer will put the money into a default super fund, a fund nominated under an industrial award or by your employer. Fund types include industry funds and retail funds. Some people choose to manage their own super through a self-managed super fund. Super funds have different features and charge different amounts to manage your money. 7

8 Assessment activity 2: Comparing funds Watch the videos at screen 4. Go to your fund s MySuper dashboard and compare the information there to another fund s MySuper option. Write comments in the table below. Things to compare Your superannuation fund Other superannuation fund Fees What is the statement of fees for a $ balance? Investment risk What level of risk is this MySuper option? How many years in a 20-year period can you expect a negative return? Performance What is the return target? Has this fund achieved the target over the long term? (See 10- year comparison graph.) Insurance Does this super fund offer income protection insurance and life insurance? List the details. 8

9 Tip: Employer superannuation contributions For most employees, your employer must pay a percentage of your salary into your super fund account. This is called the super guarantee and it s the law. The super guarantee is currently 9.5% (in 2015), gradually increasing to 12%. You should receive the super guarantee if you are aged 18 or older and get paid $450 or more (before tax) per month. If you are under 18, you should get the super guarantee if you work more than 30 hours per week and earn over $450 per month. It is important that you get paid what s rightfully yours. The employer contributions are based on your ordinary time earnings. Ordinary time earnings are what employees earn from their ordinary hours of work including over-award payments, bonuses, commissions, allowances and certain paid leave. Over the course of your working life, these contributions from your employer add up, or accumulate. Your super money is also invested by your super fund so it grows over time. When you retire, you will have money to live off. If you are self-employed, you are not required to pay yourself superannuation. However, it is still very important to think about growing your retirement savings and super can be a great, tax-effective way to do this. For self-employed people, your super contributions may be tax deductible. The rules regarding your super entitlements are governed by the Superannuation Industry (Supervision) Act The Fair Work and Equal Opportunity legislation in your state or territory governs other rules regarding employee entitlements. 9

10 Assessment activity 3: Checking your employer contributions Watch the videos at screen 4 again. For this activity you will need to obtain a copy of your latest superannuation statement and product disclosure statement (PDS). Or alternatively, call your superannuation fund to obtain the necessary information to complete this activity. Go to moneysmart.gov.au/tools-and-resources/calculators-and-tools/employer-contributionscalculator and use ASIC's MoneySmart Employer contributions calculator to help you work out the following: What percentage of your salary should your employer be paying into a super fund? Are you getting the right amount of super from your employer? Tip: Extra super contributions You can make extra contributions to your super fund account by: putting some of your savings into your super account asking your employer to deduct extra money from your pay (either before tax or after tax is taken out, depending on your income) and paying this into your super account beforetax super contributions are called salary sacrificing to super. Personal contributions to your superannuation fund Salary sacrificing After-tax contributions Salary sacrificing is when you ask your employer to redirect a portion of your pay as a contribution to super. By sacrificing some of your before-tax salary and putting it into your super fund, your contribution will get taxed at the special rate of 15%. If you want to sacrifice some of your salary to super, you should enter into a formal agreement with your employer. These are known as concessional contributions. After-tax contributions are known as non-concessional contributions. This is the simplest way to add to your super fund as you simply deposit your personal money into your super account. Contributions from your after-tax income don t get taxed when your fund receives them because you have already paid tax. Growing your super Putting money into your super account early and often will grow your super over the long term. Your balance grows from the investment returns your fund achieves. These returns compound over time. The longer you have to save through super, the more chance your savings have to grow. Even small extra contributions early in your working life will make a difference to your total amount of super at the end of your working life. 10

11 Assessment activity 4: Using ASIC's MoneySmart Super co-contribution calculator Watch the videos at screen 5. If you put your own after-tax money into your super fund, you could receive a government co-contribution, depending on how much you earn. The amount of co-contribution reduces as your income increases. Go to moneysmart.gov.au/tools-and-resources/calculators-and-tools/super-cocontribution-calculator and use ASIC's MoneySmart Super co-contribution calculator to help you work out: if you are eligible for a co-contribution from the government how much you can get if you are eligible. Notes Tip: Co-contribution to your superannuation fund You don t need to apply for government co-contributions the ATO will work out your eligibility and it will be paid directly into your super account. Make sure your super fund has your tax file number (TFN) so you don t miss out on the payment. If you are eligible, you will receive the payment whether or not you lodge a tax return. However, if you don t lodge a tax return the process can take up to 14 months. Co-contributions to your superannuation fund Government co-contributions If you earn less than $ per year (before tax) and make after-tax contributions, you are eligible to get matching contributions from the government. If you earn less than $ (before tax), the maximum co-contribution is $500 based on $0.50 from the government for every $1 you contribute. And just like that you ve made a 50% return on your money! To receive the government co-contribution you will need to lodge a tax return for the year. The government will then work out how much you are entitled to. If you are eligible, the government will pay the co-contribution directly to your super fund. Please note that the examples are current for the financial year. Always check for the most up-to-date figures on the ATO website ato.gov.au. 11

12 Assessment activity 5a: Find lost super Watch the videos at screen 6. Have you kept track of all of your super? If you ve ever changed your name, address, job, or done casual or part-time work, you may have lost track of some super. Go to the ATO s quick online search to see if you have any lost or unclaimed super: ato.gov.au/individuals/super/in-detail/lost-andunclaimed-super. Record briefly below if you have any lost super. Notes 12

13 Assessment activity 5b: Keep track of your super Watch the videos at screen 6 again. You can also register for the ATO s online services and use the SuperSeeker tool to check your super accounts, find lost super, find ATO-held super, or transfer your super to the super fund you want. Registering online with the ATO will help protect the personal information displayed and ensure that you are the only one who makes any transactions. Go to ato.gov.au/super/sup/finding-your-lost-and-unclaimed-super. Record briefly below if you registered for SuperSeeker. Notes 13

14 Assessment activity 5c: Check your super statement Watch the videos at screen 6 again. Getting your annual super statement is a trigger to do a quick review of your super. Whether you receive your statement by post, online or in an , don t neglect or delete it. For this activity you will need to obtain a copy of your latest super statement. Or alternatively, call your super fund to obtain the necessary information to complete this activity. Take a copy of your latest super statement and check the following details. Note any changes you might wish to make below the table. Balances Employer s payments Extra contributions Fees Insurance Tax Investments Check the balance at the start and end of the year. If the balance looks wrong or you re just not sure, contact your super fund straight away. Make sure you received your entire super from your employer. Be sure any extra money you paid into your super account is included. Make sure you re not overpaying because that can really eat away at your super over time. If you re not happy with the fees you re paying, consider changing super funds. Check you are covered for the right amount of insurance through super. This may include death, disability, and income protection insurance. Ensure you are being taxed at the correct rate for contributions. For employer and salary-sacrificed contributions this is 15%. Make sure you re keeping track of the investment options you chose and all returns are being credited to your account. Returns could be positive or negative. Notes Tip: Ask for an explanation Keep statements safe If you don t understand the statement or think there is an error, contact your super fund. You have the right to a clear explanation. Keep all your statements in a safe place so you can keep track of your accounts and know how to contact your fund. 14

15 Assessment activity 5d: Consolidating your super Watch the videos at screen 6 again. How many super statements did you receive this year? Do you find it hard to keep track of your super accounts? You re not alone. Many people have this problem! Consider combining any unnecessary super accounts. To consolidate your super, you can log into the ATO s free online SuperSeeker search tool. Go to ato.gov.au/super/sup/finding-your-lost-and-unclaimed-super. Alternatively, you can download the ATO s Request to transfer whole balance of superannuation benefits between funds form at ato.gov.au/forms/rollover-initiation-request-to-transfer-wholebalance-of-superannuation-benefits-between-funds. This is also known as the portability form. Record briefly if you need to consolidate your super funds and how you will do this. Notes 15

16 Tip: Benefits of combining accounts To manage your super more easily and save costs, consider combining small accounts into a single fund. The benefits of putting several small super fund accounts into one account are to: save costs by paying only one set of fees reduce your paperwork make it easier to keep track of your super. Before you consolidate your super accounts, take a look at a copy of your super fund PDS and check: if you have to pay any termination fees if you will lose any insurance benefits that the fund you are consolidating into has all the services you need that you are choosing a fund with low fees and good returns. Consolidating your small super fund accounts takes a little bit of effort in the short term but will reward you in the long term. Feel in control and watch your super grow! Remember that the fund with the biggest balance may not be the best one for you. So do some research before combining accounts. 16

17 Assessment activities summary Trainers or assessors should use this template to record details of any issues/feedback they wish to provide to the student in relation to their responses to the assessment activities. Alternatively they can record feedback next to the appropriate activity in the body of the Student Workbook. I declare that completion of the assessment activities in this Student Workbook is my own work.* * Students need to arrange for this Student Workbook to be submitted to their trainer/assessor for signing Student name Student signature Date Trainer/assessor name Trainer/assessor signature Date Comments 17

18 Trainer/assessor templates Competency record After assessment the competency record should be completed and signed by the student, trainer/assessor and the supervisor. If competency is not achieved at the first attempt, strategies to address gaps in performance need to be identified and a time for reassessment arranged. Assessment record sheet FNSFLT301 Be MoneySmart Element Performance criteria Evidence provided/ observed/context Initial and date 1. Demonstrate an understanding of personal financial matters 2. Manage personal finances 1.1 Determine how career choice, education and skills affect income and goal attainment 1.2 Identify short- and long-term financial goals 1.3 Identify tax matters relating to personal income 1.4 Evaluate impact of consumer and financial behaviour on personal spending 1.5 Evaluate how insurance and other risk-management strategies protect against financial loss 1.6 Identify the components of superannuation relevant to individual income earners 2.1 Compare the benefits and costs of alternatives in spending decisions 2.2 Identify the purpose of planning personal finances Module 1: A3, Q2 Module 1: A3, Q2, Q6 Module 2: A1a, A1b, A2a, A2b, A3, Q1, Q2, Q3, Q4, Q5, Q6, Q7 Module 1: A1, A2, Q5 Module 4: A2b Module 5: A1a, A1b, A2a, A2b, A2c, A3, Q1, Q2, Q3, Q4, Q5, Q6 Module 3: A1, A2, A3a, A3b, A4a, A4b, A4c, A5, Q1, Q2, Q3, Q4, Q5, Q6 Module 4: A1, A2a, A4, Q3, Q4 Module 1: A4a, A5, Q3, Q4 18

19 Element Performance criteria Evidence provided/ observed/context Initial and date 3. Build knowledge of personal financial matters 2.3 Make personal financial choices based on logical decision-making 2.4 Evaluate the consequences of personal financial decisions, including contracts 2.5 Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt 3.1 Explore and evaluate factors that affect personal credit worthiness 3.2 Seek advice from a specialist or mentor where required 3.3 Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals 3.4 Identify reliable sources of ongoing information relevant to personal career and financial goals Module 1: A4a, A5, A6, Q4 Module 3: Q2 Module 4: A2a, A2b, A4, A5 Module 4: A2a, A4, Q2, Q4 Module 1: A4a, A5, Q1 Module 2: A1a Module 4: A5, Q5 Module 4: A2b, A3a, Q1 Module 1: A1, Q5 Module 2: A1b, A2b, A3 Module 1: Q5 Module 3: Q5 Module 1: Q5 Module 4: A5 Critical aspects for assessment Evidence of the ability to demonstrate knowledge of personal financial matters Evidence provided/ observed/context Module 1: A1, A2, A4a, A4b Module 2: A2a, A2b Module 3: A3a, A4 Module 4: A4, A5, OA Module 5: A1a, A1b, A3 Initial and date 19

20 Critical aspects for assessment Evidence of the ability to set personal financial goals and access opportunities for mentoring or advice on them Evidence of the ability to access information to build on and maintain knowledge of factors affecting personal finances Evidence provided/ observed/context Module 1: A3, Q2, Q6 Module 3: A1 Module 1: A4a, A5, A6, Q5 Module 2: A3, A4 Module 3: A2, A3a, A3b, A4a, A4b, A5, Q5 Module 4: A1, A2a, A2b, A3a, A3b, A5 Module 5: A1a, A2a, A2b, A2c, A3 Initial and date Required skills Numeracy and technology skills to: Calculate interest and loan repayments and surplus or deficit funds Use a calculator, budget and loan calculator tools Use internet information Implement safe e-security practices for online banking and transactions Self-management skills to: Manage cash flow to pay bills on time Develop and use a budget to control income and expenses Create a savings and spending plan to Evidence provided/ observed/context Module 4: A1, A2b, A3a Module 1: A4a, A5 Module 2: A2b, Q6, Q7 Module 3: A3a, A3b, Q6 Module 4: A1, A2a, A2b, A3a Module 5: A2a, A2b Module 1: A4a, A5, A6 Module 2: A3, A4 Module 3: A2, A3a, A3b, A4a, A4b, A5, Q5 Module 4: A1, A2a, A2b, A3a, A3b, A5 Module 5: A1a, A2a, A2b, A2c, A3 Module 1: A5 Module 1: A2, A4a, A4b Module 1: A4a Module 1: A4a, A5, A6 Initial and date 20

21 Required skills achieve financial goals Learning skills to maintain knowledge of budgeting and saving techniques Required knowledge Debt management: Evidence provided/ observed/context Module 4: A2b Module 1: A4a, A5, A6 Module 4: A2b Evidence provided/ observed/context Initial and date Initial and date Responsible use of credit Advantages of debit cards Consequences of debt default Attitude towards credit and spending Module 4: A2a, A3a, Q3 Module 1: Q1 Module 4: A2a, A2b, Q5 Module 4: A3a, A5, Q4 Module 1: A1 Module 4: A4 Options for debt repayment: VET Fee-Help Personal loans and payment plans Module 4: A2a Module 4: A1, A2a, A3a, A4, Q3 Employee entitlements under: Fair Work Act Equal opportunity legislation Superannuation Act Income Tax Assessment Act Taxation Administration Act Module 3: A3 Module 3: A3 Module 3: A3 Module 2: A3 Module 2: A3 Credit history and saving: How to establish and maintain a good credit history Module 4: A3a, A4, A5, OA, Q1 Importance of saving money as a concept to assist and improve life situation Module 1: A5 Module 4: A2b, A4 Insurance matters: Value of insurance Disclosure obligations Module 5: A1a, A1b, A2a, A2b, A2c, A3, Q5, Q6 Module 5: A2c, A3 21

22 Required knowledge Suitable insurance covers: Personal income Trade tools, including mobile phone House Car Health Personal implications of taxation matters: Role of the Australian Taxation Office and why we pay tax on income Evidence provided/ observed/context Module 3: A2, A4c Module 5: A3 Module 5: A3, Q6 Module 5: A2a, A2b, A2c Module 5: A1a, A1b, Q5 Module 5: A3, Q4 Module 2: A2a, A3 Initial and date Personal tax liabilities and allowable deductions Module 2: A2a, A2b, A4, Q1, Q2, Q3, Q4 Tax rates Lodgement dates Awareness of goods and services tax (GST), pay as you go (PAYG), Australian business number (ABN), tax file number (TFN) and business activity statements (BAS) Module 2: A2a, Q3 Module 2: A3, Q5 Module 2: A4 Principles of budgeting, cash flow and saving, including: Role of credit and savings in establishing personal wealth Understanding of financial institutions and their savings, investment and credit products Module 1: A4a Module 4: A2b, Q2, Q3, Q4, Q5 Module 1: A5, A6 Module 4: A2a, A2b, A3b, A4 Personal financial aspects of: Bank accounts: Savings Module 1: A5 Module 4: A2b Credit Module 4: A2b, A3b, Q2, Q3, Q4, Q5 Investment Module 1: A6 Insurance: 22

23 Required knowledge Health Car Phone Warranty Tools Household Income protection Superannuation: Types of funds retail versus industry Fund options death or total and permanent disability (TPD) insurance Contracts: Phones Data Tenancy Finance Superannuation matters: Planning for the future Power of compound interest Superannuation guarantee Co-contributions Evidence provided/ observed/context Module 5: A3, Q4 Module 5: A1a, A1b, Q5 Module 5: A3, Q6 Module 5: A3 Module 5: A3 Module 5: A2a, A2b, A2c, Q3 Module 3: A2, A4c Module 5: A3 Module 3: A2 Module 3: A1, A2 Module 4: Q1 Module 4: A5 Module 4: A5 Module 4: Q2 Module 3: A1 Module 3: A3a, Q4 Module 4: A2b Module 3: A3a, Q1, Q6 Module 3: A3a, A3b Initial and date Personal contributions Module 3: A3a, A3b, Q2, Q3 Fees and charges Value of consolidating super funds Locating lost super Module 3: A1 Module 3: A5 Module 3: A4a, A4b, Q5 23

24 Supervisor/third party declaration I confirm that I have observed the student perform the tasks associated with the elements, performance criteria, critical aspects for assessment and required skills and knowledge for this unit efficiently and consistently over the allocated timeframe Supervisor/third party name Supervisor/third party signature Date Assessor declaration I confirm that I have observed the student demonstrate the skills associated with the elements, performance criteria, critical aspects for assessment and required skills and knowledge for this unit competently Assessor name Assessor signature Date Student*... Student name * Students need to arrange for this Student Workbook to be submitted to their trainer/assessor for signing. ASIC s MoneySmart Teaching initiative builds the consumer and financial literacy capabilities of young Australians by developing knowledge, skills, values and behaviours to enable them to make confident, informed consumer choices and responsible financial decisions that are essential to their future financial wellbeing. To access more ASIC's MoneySmart Teaching packages, resources, calculators, apps and consumer information visit moneysmart.gov.au. 24

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